Gold at $1283 on Reduced Safe Haven Demand

Gold held near a six-week low on Friday and was on track for a third straight weekly loss as U.S. economic optimism offset any safe-haven demand from geopolitical tensions.

The optimism stemming from a string of strong U.S. data is likely to increase as the July nonfarm payrolls report scheduled for release later in the day is expected to show the world’s top economy maintaining a solid pace of jobs growth.

Spot gold edged up slightly to $1,283.80 an ounce by 0309 GMT, after falling 1 percent in the previous session. It hit $1,280.76 on Thursday – its lowest since June 19.  Gold was on track for a 2 percent fall for the week, after posting its sharpest monthly drop of the year in July. The third consecutive weekly drop would be gold’s longest such losing streak since September.


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